Gemini is a highly-reputable cryptocurrency exchange that has both a simple and more dynamic user interface (UI).
Crypto newbies may use the exchange to purchase crypto with one click while others may trade using the platform’s advanced ActiveTrader setup.
And once you purchase any of the 100+ crypto assets that Gemini supports, the exchange gives you the option to earn a yield on your assets via Gemini Grow. This feature of the platform allows you to lend certain crypto assets to earn a yield of up to 8% on them.
On the downside, the site doesn’t support certain major crypto assets and fees are a bit high if you don’t use the ActiveTrader interface.
Finder Rating
★★★★★Pros
Cons
Gemini is a cryptocurrency exchange with a simple UI that’s user friendly and accommodating to newcomers and experienced traders alike. Gemini is a New York trust company, which ensures that the company is compliant with a number of security and financial regulations. Gemini allows users to earn interest on eligible cryptocurrency balances.
Newcomers can earn $150 in Bitcoin when they invest $1,000 or more into the platform within 30 days of joining. Some more notable currencies aren’t available on the platform, namely some of the non-ERC20 tokens from the top 20 range of currencies.
Gemini supports over 84 cryptocurrencies, but some notable assets are missing. Namely, Binance USD, BNB and Cardano, which are in the top 20 cryptos by market cap. In total, 14 of the top 20 cryptos are available on Gemini.
Popular assets on Gemini| Transaction type | Fee |
|---|---|
| Deposit funds | Cryptocurrency : None Wire Transfer: None ACH: None. Bank may charge transfer fee Debit Card Transfer: 3.49% of total amount PayPal: 2.50% |
| Withdraw funds | Cryptocurrency: None (for 10 withdrawals and below per month) Others: None (for 10 withdrawals and below per month) |
| Type | Fee |
|---|---|
| Trading | Web Order Transaction Fees (USD) |
| ≤ $10.00 | $0.99 |
| > $10.00 - $25.00 | $1.49 |
| > $25.00 - $50.00 | $1.99 |
| > $50.00 - $200.00 | $2.99 |
| > $200.00 | 1.49% of your web order value |
| ActiveTrader | |
| Trading | Taker fee - 0.03-0.4% |
| Trading | Maker fee - 0-0.2% |
| Trading |
Maker fee explained. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.
Taker fee explained. A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. This is the fee charged when you place a market buy order.
Gemini’s most notable weakness is its fee structure. Fees are competitive if you turn on ActiveTrader. However, if you don’t, then the fees can add up quickly. Buying through the mobile app has very high fees compared to using ActiveTrader, and the fees are the same on the desktop site without ActiveTrader on.
Gemini allows users to earn interest on their balances. Interest rates can be as high as 7.4% depending on the tokens in a user’s balance. User balances are covered by a robust insurance plan and cold storage of wallets. However, it is worth noting that Gemini is still holding the private keys to these wallets. Also, Gemini’s insurance does not cover losses due to theft from unauthorised access of an individual’s account – so if, for example, somebody guesses your password, you wouldn’t be protected by insurance.
Trust rating. Gemini rates highly for security. Gemini has never been hacked. Security features of Gemini include 2-factor authentication, SOC 2 compliance (the first ever cryptocurrency exchange to do so), and FDIC insurance for fiat currencies up to $250,000.
Past hacks. No hacks have ever taken place.
Security audits. Gemini has undergone heavy duty auditing. Gemini is the first ever cryptocurrency exchange to pass the SOC 2 type 1 examination. They will be audited for compliance with this examination every year.
Insurance. The company has full FDIC insurance, just like a bank does, for fiat currencies up to $250,000.
| Downloads on Google Play | 4.3 stars, 1M+ downloads |
| Downloads on Apple Store | 4.2 stars, 92,100 ratings |
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